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Essentials of Financial Management

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Submitted By gianglee
Words 1066
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Câu 7:
Nếu bạn là một nhân viên tín dụng thương mại và Andre tới gặp bạn để vay một khoản vay ngắn hạn là $25000, bạn sẽ quyết định như thể nào? * Andre có thể được cấp khoản vay ngắn hạn $25.000. * Những khoản vay ngắn hạn được đều có sẵn theo cả hai hình thức là bảo đảm và không bảo đảm. * Để vay được khoản vay ngắn hạn có đảm bảo, người đi vay phải thế chấp một tài sản với người cho vay. Đối với khoản vay ngắn hạn không đảm bảo, không bên nào được yêu cầu nhưng lãi suất cao hơn. * Tỉ số thanh toán hiện hành hoặc tỉ số thanh toán nhanh của Andre cho tính thanh khoản tương đối khá và ông ấy vẫn có khả năng chi trả nên ông ấy nên được cho vay và ông ấy nên vay một khoản ngắn hạn có bảo đảm.
Cách trả lời khác:
Trong tình huống lợi nhuận thấp và tình hình lưu chuyển tiền tệ của công ty kém như vậy, tôi sẽ không cấp khoản vay. Tuy nhiên tôi sẽ nói với ông ấy rằng nếu ông ấy có thể cho chúng tôi thấy được sự tiến triểm trong hệ thống quản lý hàng tồn kho và lợi nhuận tốt hơn trong vòng hai quý tới, chúng tôi sẽ cân nhắc việc này
Câu 8:
Những khuyến nghị nào Juan nên làm để cải thiện, nếu có? * Công ty nên cải thiện việc quản lý hàng tồn kho và chính sách thu tín dụng. * Hàng tồn kho có thể là do tình trạng trữ hàng quá nhiều, hàng hóa lỗi thời, thiếu xót trong các dòng sản phẩm hoặc về việc tiếp thị sản phẩm. * Chi phí bán hàng và các chi phí khác cần được kiểm tra và giảm xuống thấp hơn, phù hợp với mức độ trong năm 2000. Điều này sẽ làm cải thiện tính thanh khoản và lợi nhuận của công ty
Nói chung lại công ty nên có những kế hoạch hợp lí và quyết định đúng đắn tại thời điểm chính xác để có thể khắc phục những vấn đề mà công ty đang đối mặt vào lúc này.
Câu 9:
Theo như bạn nghĩ vấn đề nào Juan sẽ phải đối mặt khi làm một phân tích báo cáo tài chính đầy đủ của các bộ phận trong Quickfix? Thông thường những hạn chế của phân tích báo cáo tài chính là gì?
Khó khăn khi làm một phân tích báo cáo tài chính: * Lựa chọn so sánh điểm chuẩn. * Kinh doanh theo mùa. * Lợi nhuận (lỗ) bất thường * Lựa chọn trung bình ngành công nghiệp thích hợp. * Thủ tục kế toán của các bộ phận có thể khác nhau. * Năm kết thúc tài chính khác nhau.
Những hạn chế của báo cáo tài chính: * Hiệu suất của công ty trước đây, dù tốt hay xấu cũng không được xem là dấu hiệu tốt đảm bảo cho việc công ty sẽ thực hiện tốt trong tương lai. * Nếu chỉ có báo cáo tài chính mà không có sự thuyết minh về báo cáo có thể các nhà quản lý tín dụng sẽ không thể có được một hình dung rõ ràng về phạm vi các rủi ro tín dụng mà họ đang xem xét. * Cũng khó để nói rằng công ty đó có đang phát triển tốt hay không khi nhìn vào báo cáo tài chính vì còn tùy thuộc vào tính chất và quy mô của công ty đó. * Lạm phát có thể ảnh hưởng và làm sai lệch thông tin tài chính được ghi nhận trên các báo cáo tài chính khiến việc tính toán và phân tích trở nên sai lệch. Chẳng hạn như lạm phát sẽ gây ảnh hưởng đến giá trị của dòng tiền tại một thời điểm, làm cho dòng tiền ở các năm khác nhau sẽ có một thời giá tiền tệ khác nhau. Điều này làm cho việc so sánh, phân tích số liệu giữa các năm có sự sai lệch. * Các yếu tố thời vụ cũng làm ảnh hưởng đến tình hình hoạt động của công ty và khiến cho các tỷ số tài chính có khuynh hướng thay đổi bất thường. Chẳng hạn vào mùa vụ hàng tồn kho tăng lên cao hơn bình thường nên nếu sử dụng tỷ số vòng quay hàng tồn kho tăng lên cao hơn bình thường nếu sử dụng tỷ số vòng quay hàng tồn kho sẽ thấy công ty có vẻ hoạt động kém hiệu quả. * Phân tích dựa trên các tỷ số tài chính phụ thuộc lớn vào tính chính xác của các báo cáo tài chính. Điều này bị ảnh hưởng lớn bởi các nguyên tắc kế toán. Tuy nhiên nguyên tắc và thực hành kế toán lại có thể khác nhau giữa các công ty, các ngành, các quốc gia và trong các thời kỳ khác nhau. Do đó các nguyên tắc thực hành kế toán có thể làm sai lệch và làm mất đi ý nghĩa của các tỷ số tài chính. * Các nhà quản lý có thể lợi dụng nguyên tắc kế toán để chủ động tạo ra các tỷ số tài chính như ý muốn của mình khiến cho việc phân tích báo cáo tài chính không còn là công cụ đánh giá khách quan. * Đôi khi công ty có vài tỷ số rất tốt nhưng vài tỷ số khác lại rất xấu làm cho việc đánh giá chung tình hình tài chính của công ty trở nên khó khăn và kém ý nghĩa * Có nhiều công ty quy mô rất lớn và hoạt động đa ngành, thậm chí là những ngành rất khác nhau nên khó xây dựng và ứng dụng hệ thống tỷ số bình quân ngành có ý nghĩa tại các công ty này. Do đó phân tích báo cáo tài chính thường có ý nghĩa nhất trong các công ty nhỏ và không có hoạt động đa ngành * Hiên nay vẫn chưa có sự thống nhất và đồng bộ về công thức của một số chỉ tiêu trong các sách, tài liệu về phân tích Báo cáo tài chính. Điều này làm cho việc so sánh số liệu được phân tích giữa các nguồn khác nhau tiềm ẩn nhiều rủi ro.

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